Shiba Inu (SHIB/USD) and Pepe (PEPE/USD) Notched Sizeable Gains Tuesday

Frog-themed Pepe rallied over 6% in the last 24 hours, while the trading volume jumped 12.26% to over $1 billion.

Shiba Inu (CRYPTO: SHIB) and Pepe (CRYPTO: PEPE) notched sizable gains on Tuesday even as the broader market sentiment was grim following Bitcoin's (CRYPTO: BTC) precipitous drop and Ethereum (CRYPTO: ETH) remained flat. Among meme coins with over a billion dollars in capitalization, Pepe gained the most.

What Happened: Frog-themed Pepe rallied over 6% in the last 24 hours, while the trading volume jumped 12.26% to over $1 billion.

Among meme coins with over a billion dollars in capitalization, Pepe gained the most.

Chandler, a prominent Pepe bull, stated that, while the coin was down 70% from its highs, anyone buying the present dip would be up +800% in the next significant retrace.

So you bought $PEPE at the top and now you're down 70%. Okay, but have you tried buying now so during the next -70% you'll still be up 800%? 🐸Many $PEPE holders are still in profit today—not just because they were early, but also because they were buying when others were… pic.twitter.com/Dcom2dMkj4

Notably, just about 34% of Pepe holders were in profit at the current price, according to IntoTheBlock.

Shiba Inu, another Ethereum-based meme coin, gained 4.12%, alongside a 16.83% jump in trading volumes. Solana (CRYPTO: SOL)-based Bonk rose over 5%.

Meanwhile, Dogecoin (CRYPTO: DOGE), the largest meme coin by market valuation, was up marginally by 0.20%.

The overall meme coin market capitalization rose 2.44% to $58.37 billion in the last 24 hours, marking a noticeable recovery.

The gains in meme coins contrasted with the downsides in Bitcoin, as the world's leading cryptocurrency plunged below $86,000 for the first time in over three months. Ethereum also traded flat as of this writing.

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